Outlook 03/16: U.S. stock futures are little changed a day after a record close as traders wait for guidance from the Fed. Despite the recent records for major averages, there’s growing concern among investors that interest rates may continue to climb, snuffing out the comeback for equities. Traders will get more guidance from the Federal Reserve on rates and inflation on Wednesday. The central bank kicks off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.
/ESM21 (June Contract): YVAH 3944 YPOC 3933 YVAL 3926 GAP 3956.75
/ES Plan: Yesterday market closed bullish, but overnight looks balanced, moving a few ticks above yesterday's range, so these are the initial balance options for today:
A) If market remains above LIS 3956 with bullish internals, buy towards ONH-ATH 3966 and PBTs 3970-3980.
B) If market moves below LIS 3956 with bearish internals, sell towards ONL 3951 YVAH 3944 and YVAL 3926.
Note: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, '
Value Area Rule (VAR)' comes into play. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Business Inventories
10:00 NAHB Housing Market Index
1:00 PM 20-Year Bond Auction
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